British and European investors could now get a chance to open lawsuits against banks accused of rigging financial markets, following a string of settlements in cases in the US, lawyers believe. Another five major banks accused of foreign-exchange rigging have settled claims in a New York court with complainants, including pensions funds and institutional investors. As well as giving payments to the plaintiffs, the settling banks have also agreed to co-operate with the claimants, which lawyers say has opened up a trove of extra information which could be used in cases in the UK.
The cases in the US were brought under anti-trust rules, which limit the class action to US claimants. As London hosts the largest chunk of the foreign exchange markets, it is a leading candidate for future civil claims. Scott and Scott is setting up a UK office and has hired a lawyer to run the practice, following enquiries from investors interested in pursuing cases related to the foreign exchange markets.
Law firm Hausfeld also represented investors, and in a statement said that the agreements were preliminary and must still be approved by US District Judge Lorna Schofield. But they also specified that the amounts were subject to change. Is the banking system still broken? The Fortune Global has been released — the annual ranking of the largest companies in the world by revenues.
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Thursday 23 November Tim Wallace and agencies. Some of the banks in Thursday's announcement had already agreed to specific sums. The firm also noted that it was considering "concerted action" in London.
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